Published on April 17th, 2018 | by Chelsea Kiene0
GOP Tax Plan: Renacci Enriches Himself, Ohio Families Foot the Bill
It’s no secret that the Republican tax plan signed into law last December primarily boosts the wealthiest Americans — including many in Congress who voted for the bill — while ordinary working families receive little to no benefit. In fact, by the time the law is fully implemented, nearly 83% of the Republican tax plan’s benefits will go to the wealthiest 1%.
Meanwhile, more than half of Americans will see their taxes increase by 2027.
And it gets worse. As a new report outlines, Republicans’ massive tax breaks for the wealthy and well-connected will come at the expense of Ohio’s working- and middle-class families.
That’s because the Republican tax plan will dramatically drive up deficits, which the Republican Congress is already using to justify severe cuts to services many working families rely on, including education, health care, jobs, infrastructure, and housing. And because the tax law repealed a core provision of the Affordable Care Act, the Republican tax plan will also lead to an estimated 13 million Americans losing their health coverage, including hundreds of thousands of Ohioans, while many others will see their premiums spike.
The simple fact is this: The Republican tax plan was written by and for the wealthy. Hardworking Ohio families were barely even an afterthought.
We’re already seeing that the Republican promise of middle-class tax relief through trickle-down economics isn’t bearing fruit. Few large U.S. companies say they’ll use their massive tax windfalls to boost workers’ wages. Instead, the Republican tax plan has been used to justify layoffs, handsomely reward investors through stock buybacks and dividends, and further incentivize corporations to ship jobs overseas.
Among those who will see a windfall under the Republican tax plan is Ohio Congressman Jim Renacci, who, notably, is a staunch supporter of the plan. According to a recent analysis, Congressman Renacci could receive up to a $330,100 tax cut thanks to one provision of the tax law. That’s more than 6 times the median household income in Ohio.
Renacci has been running the circuit — both as a congressman and as a candidate — trying to sell the Republican tax plan. Maybe it’s because new polling shows just how deeply unpopular the new tax law is among voters.
Ohioans have heard Renacci’s pitch, and they aren’t buying it. On Tuesday — Tax Day — a group of Ohioans gathered outside Congressman Jim Renacci’s Parma office to voice their opposition to the Republican tax plan, and to call Renacci out on his support of the plan.
Outside Renacci’s office, Frank Mathews, Administrative Director of the Communications Workers of America District 4, blasted Renacci for putting wealthy special interests ahead of Ohio’s middle-class families. “Let’s just call it for what it is: The biggest tax scam in history.”
Mathews added, “We need to hold millionaire Congressman Jim Renacci accountable for supporting this awful bill.”